United Arab Emirates: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in the United Arab Emirates

In 2022, the ferro-chromium market in the United Arab Emirates increased by 39% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, enjoyed a buoyant expansion. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Ferro-Chromium Exports

Exports from the United Arab Emirates

Ferro-chromium exports from the United Arab Emirates shrank remarkably to X tons in 2022, with a decrease of -29% compared with 2021. Overall, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 139%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, ferro-chromium exports reduced rapidly to $X in 2022. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 180% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for ferro-chromium exports from the United Arab Emirates, accounting for a 64% share of total exports. Moreover, ferro-chromium exports to India exceeded the volume sent to the second major destination, Oman (X tons), twofold. The third position in this ranking was held by Turkey (X tons), with a 6% share.

From 2012 to 2022, the average annual growth rate of volume to India stood at -16.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (+1.4% per year) and Turkey (-55.5% per year).

In value terms, India ($X) remains the key foreign market for ferro-chromium exports from the United Arab Emirates, comprising 76% of total exports. The second position in the ranking was held by Turkey ($X), with a 13% share of total exports. It was followed by Oman, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value to India totaled -12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-34.7% per year) and Oman (-4.3% per year).

Export Prices by Country

In 2022, the average ferro-chromium export price amounted to $X per ton, declining by -4.4% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-chromium export price increased by +64.0% against 2018 indices. The pace of growth appeared the most rapid in 2017 an increase of 25%. The export price peaked at $X per ton in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+46.8%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into the United Arab Emirates

In 2022, the amount of ferro-chromium imported into the United Arab Emirates declined to X tons, waning by -11.7% compared with the year before. Overall, imports showed a pronounced decline. The pace of growth was the most pronounced in 2021 with an increase of 141% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, ferro-chromium imports soared to $X in 2022. In general, imports, however, saw tangible growth. The pace of growth was the most pronounced in 2021 with an increase of 140% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest ferro-chromium supplier to the United Arab Emirates, accounting for a 51% share of total imports. Moreover, ferro-chromium imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Turkey (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +34.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+20.9% per year) and Turkey (-6.6% per year).

In value terms, India ($X) constituted the largest supplier of ferro-chromium to the United Arab Emirates, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Turkey, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to +46.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.0% per year) and Turkey (-3.6% per year).

Import Prices by Country

In 2022, the average ferro-chromium import price amounted to $X per ton, with an increase of 111% against the previous year. In general, the import price continues to indicate a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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